NEW YORK, March 04, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of Sterling Bancorp, Inc. (“Sterling” or the “Company”) (NASDAQ: SBT). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 7980.
The investigation concerns whether Sterling and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On November 17, 2017, Sterling commenced its initial public offering (“IPO”), offering 15 million shares of common stock priced at $12.00 per share.
On June 21, 2019, Sterling disclosed in a U.S. Securities and Exchange Commission (“SEC”) filing that it had entered into an agreement with the Office of the Comptroller of the Currency to enhance its anti-money laundering and Bank Secrecy Act compliance. Later that day, Sterling announced the resignation of Jon Fox, a member of the Company’s Audit and Risk Management Committee, from its Board of Directors.
Then, on December 9, 2019, Sterling disclosed in an SEC filing that it was suspending its Advantage Loan Program until “management is confident its stated policies and procedures are being followed,” citing an internal review of documentation on past loans. On this news, Sterling’s stock price fell $2.16 per share, or 22.86%, to close at $7.29 per share on December 9, 2019. Since the IPO, Sterling’s stock price has closed as low as $7.01 per share, representing a decline of 41.58% from the offering price.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980